MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WRIGLEY INDIA
PRIVATE LIMITED |
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Registered Office : |
206, II Floor,
Okhla Industrial Estate Phase – 3, New
Delhi – 110020, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.10.1993 |
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Com. Reg. No.: |
55-19415 (new)
55-132563 (old) |
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CIN No.: [Company
Identification No.] |
U99999KA1995PTC019415/
U15434DL2005PTC132563 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELW01628E |
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PAN No.: [Permanent
Account No.] |
AAACW1789P |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing and
Sale of Chewing Gums, Chocolates and other Eatables |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 3900000 |
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Status : |
Moderate |
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Payment Behaviour : |
Correct |
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Litigation : |
Clear |
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Comments : |
The company is a
wholly owned subsidiary of Wm Wrigley Jr Co., USA. Financial
position is moderate. Payments are usually correct and as per commitments. Since, the subject
is a wholly owned subsidiary of Wm Wrigley Jr Co., USA, a leading
manufacturer of Chewing Gum, it can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
206, II Floor, Okhla
Industrial Estate Phase – 3, New
Delhi – 110020, India |
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Tel. No.: |
91-80-28468523 /
26933509 |
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Fax No.: |
91-80-28468261 /
26933508 |
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E – Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kiril Kovatchki |
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Designation : |
Managing Director |
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Address : |
#412, Embassy Woods, 6-A, Cunningham Road, Bangalore – 560 052,
Karnataka [Tel. No.: 91-80-2385575] |
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Date of Appointment : |
14.07.2000 |
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Name : |
Mr. Bijesh Takker |
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Designation : |
Director |
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Address : |
183-B, Heera Panna, Bhulabhai Desai Road, Hajiali, Mumbai – 400 026 |
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Date of Appointment : |
29.09.2000 |
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Name : |
Mr. Reuben Gamaran |
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Designation : |
Director |
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Address : |
411, Pine Manor Drive, Willmate, Illinois 60091, USA |
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Date of Birth: |
01.11.1960 |
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Date of Appointment : |
24.09.1999 |
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Name : |
Mr. Howard Malovany |
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Designation : |
Director |
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Address : |
1771, W. Priceton Court, Lake Forest, Illinois 60045, USA |
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Date of Birth: |
06.07.1950 |
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Date of Appointment : |
02.11.2000 |
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Name : |
Mr. Mark Monoroc |
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Designation : |
Director |
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Address : |
953, S Linden Avenue, Elmhurst IL-602126, United States of America |
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Date of Birth: |
27.02.1948 |
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Date of Appointment : |
02.11.2000 |
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Name : |
Mr. Allyson Bouldon |
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Designation : |
Director |
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Address : |
401, Fullerton, Parkway Apartments, 810, Chicago 60614, USA |
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Date of Appointment : |
28.09.2001 |
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Name : |
Mr. Arun Hegde |
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Designation : |
Director |
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Address: |
174, Sheel Farms, Mehrouli Gurgaon Road, New Delhi-110062, India |
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Date of Birth: |
10.11.1961 |
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Date of Appointment: |
13.10.2006 |
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Name : |
Mr. Govinda Rao Ranganath |
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Designation : |
Director |
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Name: |
Mr. Luis Franscisco Machado |
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Designation: |
Additional Director |
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Address: |
1141, South Green Bay Road, Lake Forest, Illinois- 60045 |
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Date of Birth: |
03.12.1962 |
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Date of Appointment: |
27.01.2007 |
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Name: |
Mr. Praveen Kumar Mishra |
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Designation: |
Director |
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Address: |
6390-A, Rajeev Vihar, Manimajra, Chandigarh-160101, Punjab, India |
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Date of Birth: |
14.08.1967 |
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Date of Appointment: |
27.01.2007 |
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Name: |
Mr. Shai Atman |
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Designation: |
Director |
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Address: |
80, Khankin Station, P.O. Box, 4022m Kadima-60912 |
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Date of Birth: |
21.11.1971 |
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Date of Appointment: |
19.12.2007 |
KEY EXECUTIVES
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Name : |
Mr. Suresh Vaishraj |
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Designation : |
Company Secretary |
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Name : |
Mr. Amit Ahuja |
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Designation : |
Secretary |
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Address: |
1685, Sector – 8, Faridabad-121006, Haryana, India |
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Date of Birth: |
26.09.1976 |
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Date of Appointment: |
1.08.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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WM Wrigley Junior Company |
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14084351 |
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Wrigley Enterprises Limited |
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1 |
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Wrigley International Holding Company |
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1 |
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Total |
|
14084353 |
As on 19.12.2007
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List of Allottees |
|
No. of Shares Allotted |
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WM Wrigley Jr. Company, USA |
|
397397 |
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List of Allottees |
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No. of Shares Allotted |
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WM Wrigley Jr. Company, USA |
|
2871488 |
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Wrigley International Holding Company |
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1 |
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Total |
|
2871489 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign companie(s)
Foreign financial institution(s), Non-resident indian(s) or Overseas Coporate
bodies or Others |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Sale of Chewing Gums, Chocolates and other Eatables |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v
Citibank NA v
American Express Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S R Batliboi and
Company Chartered
Accountants |
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Address : |
B – 26, Qutab Institutional
Area, New Delhi – 110016 |
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Holding Comapny : |
Wm Wrigley Jr
Company 410, N Michigan
Avenue, Chicago, Illinois 60022, USA |
CAPITAL STRUCTURE
As on 27.11.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16956166 |
Equity Shares |
Rs. 100/- each |
Rs. 1695.617 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12856170 |
Equity Shares |
Rs. 100/-
each |
Rs. 1285.617
Millions |
NANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1285.617 |
1285.617 |
998.468 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
[495.842] |
(483.227) |
(807.361) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
789.775 |
802.390 |
191.107 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
235.824 |
16.459 |
36.056 |
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TOTAL BORROWING |
235.824 |
16.459 |
36.056 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1025.599 |
818.849 |
227.163 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
560.601 |
470.396 |
151.168 |
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Capital work-in-progress |
247.606 |
66.854 |
57.495 |
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INVESTMENT |
0.100 |
0.100 |
0.121 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
237.110
|
165.447 |
36.867 |
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Sundry Debtors |
48.411
|
41.752 |
20.553 |
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Cash & Bank Balances |
274.684
|
196.760 |
6.100 |
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Other Current Assets |
1.184
|
1.528 |
0.191 |
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Loans & Advances |
227.891
|
171.644 |
13.082 |
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Total
Current Assets |
789.280
|
577.131 |
76.793 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
491.262
|
240.476 |
56.749 |
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Provisions |
80.726
|
55.156 |
1.665 |
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Total
Current Liabilities |
571.988
|
295.632 |
58.414 |
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Net Current Assets |
217.292
|
281.499 |
18.379 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1025.599 |
818.849 |
227.163 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
2021.269 |
1731.049 |
154.603 |
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Other Income |
38.186 |
28.242 |
0.000 |
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Total Income |
2059.455 |
1759.291 |
154.603 |
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Profit/(Loss) Before Tax |
7.780 |
49.822 |
(51.186) |
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Provision for Taxation |
[4.835] |
15.866 |
0.000 |
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Profit/(Loss) After Tax |
[12.615] |
33.956 |
(51.186) |
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Export Earning |
159.826 |
104.956 |
NA |
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Import Value |
230.035 |
104.319 |
NA |
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Expenditures : |
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Financial Charges |
7.921 |
5.113 |
0.000 |
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Depreciation |
92.962 |
155.344 |
0.000 |
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Other Expenditure |
1950.792 |
1549.012 |
0.000 |
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Total Expenditure |
2051.675 |
1709.469 |
205.789 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[0.63]
|
1.93 |
(33.10) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.38
|
2.87 |
(33.10) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.58
|
4.76 |
(22.45) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.60 |
(0.26) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
0.36 |
0.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.95 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Address of the company has been shifted from Doddaballapur Road, A V Pura, Rajankunte Post, Bangalore-560064, Karnataka, India to present address
The company is in trade terms with :
v
FZCO, Dubai
v
Colorado, USA
AS PER WEBSITE
Profile:
Excellence
and Quality for over 100 Years
Since its founding in 1891, the Wrigley Company has been led by four generations of the Wrigley
family, each of which has made
their mark on the organization. Across these generations there has
been a continuous commitment to
providing the world's highest-quality chewing gum and confectionery products
that are both great tasting, and make life a little more fun.
It has been over 110 years since
Wrigley introduced its first two products, Juicy Fruit®
and Wrigley’s Spearmint® gums.
Today, Wrigley brands are sold
in over 180 countries and its
portfolio of products includes dozens of innovative brands that provide
consumers with a variety of benefits, including breath freshening, tooth
whitening and vitamin delivery.
Brands like Doublemint®, Big Red®, Winterfresh®, Extra®, Eclipse®, Freedent®,
Hubba Bubba®, Orbit® and Excel® continue generating excitement in the gum
category while at the same time Wrigley
has created new confections
under these well-loved brands including mints, breath strips and candies.
In addition to internal product development, the Wrigley Company is
diversifying into new kinds of confections through acquisition. Brands such as
Altoids®, Life Savers®, Creme Savers®, Pim Pom® and Solano® provide consumers
with a variety of fun, delicious products in numerous formats and flavors. From
mints to candies to lollipops, these products help Wrigley reach consumers of all ages around the world and are a wonderful
complement to Wrigley's great-tasting gum products.
Throughout this diversification, Wrigley's commitment quality continues. What
also remains the same, despite the company's growth and evolution, is Wrigley's
commitment to the core values established by the founder more than one hundred
years ago. Wrigley's values have been
supported by four generations of Wrigley associates, and underpin everything they do at the Company. They describe the way they do
business - the way they create an environment for success. They believe in
treating everyone - consumers, employees, partners, distributors, retailers and
the community at large - with trust, dignity and respect. They believe in fair
business practices and in doing the part in caring for the environment.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|